Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

KINDER MORGAN, INC.

(KMI)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Kinder Morgan : New Revolving Credit Facility (Form 8-K)

08/26/2021 | 03:12am EST

New Revolving Credit Facility

On August 20, 2021 (the 'Closing Date'), Kinder Morgan, Inc. (the 'Company'), as borrower, entered into a new Revolving Credit Agreement (the 'New Credit Facility') with the lenders listed on the signature pages to such agreement and Barclays Bank PLC, as administrative agent ('Barclays'). The New Credit Facility provides for up to $3.5 billion in borrowings from time to time by the Company, which can be increased by up to $1.0 billion if certain conditions are met, and will mature five years following the Closing Date. Borrowings under the New Credit Facility may be used for working capital and other general corporate purposes.

Interest on the New Credit Facility will be calculated based on either (a) LIBOR plus an applicable margin ranging from 1.000% to 1.750% per annum based on the Company's credit rating or (b) the greatest of (1) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, (2) the Prime Rate in effect for such day, and (3) an adjusted LIBOR for a Eurodollar Loan with a one-month interest period that begins on such day plus 1%, plus, in each case, an applicable margin ranging from 0.100% to 0.750% per annum based on the Company's credit rating. The New Credit Facility also includes customary provisions to provide for replacement of LIBOR with an alternative benchmark rate when LIBOR ceases to be available.

Certain subsidiaries of the Company are guarantors of the Company's obligations under the New Credit Facility pursuant to a guaranty agreement executed in connection with the New Credit Facility.

The New Credit Facility contains financial and various other covenants that apply to the Company and its subsidiaries and are common in such agreements, including a maximum ratio of Consolidated Net Indebtedness to Consolidated EBITDA (as defined in the New Credit Facility) of 5.50 to 1.00, for any four-fiscal-quarter period. Other negative covenants include restrictions on the Company's and certain of its subsidiaries' ability to incur debt, grant liens, make fundamental changes or engage in certain transactions with affiliates, or in the case of certain material subsidiaries, permit restrictions on dividends, distributions or making or prepayments of loans to the Company or any guarantor. The New Credit Facility also restricts the Company's ability to make certain restricted payments if an event of default (as defined in the New Credit Facility) has occurred and is continuing or would occur and be continuing.

The New Credit Facility contains customary events of default (in some cases, subject to grace periods), including, among others, (a) non-payment; (b) non-compliance with covenants; (c) payment default under, or acceleration events affecting, certain other indebtedness of the Company or certain of its subsidiaries; (d) bankruptcy or insolvency events involving the Company or certain of its subsidiaries and (e) a change in control of the Company.

If an event of default under the New Credit Facility exists and is continuing, the lenders may terminate their commitments and accelerate the maturity of the Company's outstanding obligations under the New Credit Facility.

Affiliates of certain of the lenders under the New Credit Facility have provided from time to time, and may provide in the future, investment and commercial banking and financial advisory services to the Company and its affiliates in the ordinary course of business, for which they have received, and may receive in the future, customary fees and commissions.

Amendment to Existing Revolving Credit Facility

On August 20, 2021, the Company, as borrower, entered into a first amendment (the 'Amendment') to its existing Revolving Credit Agreement with the lenders listed on the signature pages to such agreement and Barclays, as administrative agent, dated as of November 16, 2018 (as amended prior to the Amendment, the 'Existing Credit Facility'). The Amendment provides for certain amendments to the Existing Credit Facility to, among other things, reduce the Existing Credit Facility's borrowing capacity to $500.0 million, terminate the letter of credit commitments and the swing line capacity thereunder, and include customary provisions to provide for replacement of LIBOR with an alternative benchmark rate when LIBOR ceases to be available.

-2-

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated by reference in this Item 2.03 in its entirety.

Financial Statements and Exhibits.

(d) The exhibits set forth below are included with this Current Report on Form 8-K.

Exhibit
Number

Description
10.1 Revolving Credit Agreement, dated August 20, 2021 among Kinder Morgan, Inc., as borrower, Barclays Bank PLC, as administrative agent, and the lenders and issuing banks party thereto.
10.2 First Amendment to Revolving Credit Agreement, dated August 20, 2021 among Kinder Morgan, Inc., as borrower, Barclays Bank PLC, as administrative agent, and the lenders and issuing banks party thereto.
104 Cover Page Interactive Data File pursuant to Rule 406 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language).

-3-

S I G N A T U R E

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KINDER MORGAN, INC.
Dated: August 25, 2021 By: /s/ David P. Michels
David P. Michels
Vice President and Chief Financial Officer

-4-

Disclaimer

Kinder Morgan Inc. published this content on 25 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2021 07:10:15 UTC.


ę Publicnow 2021
All news about KINDER MORGAN, INC.
12/06Kinder Morgan Expects to Beat Market's Earnings Projections for 2022; Set to Offer $1.1..
MT
12/06Kinder Morgan Announces 2022 Financial Expectations
BU
12/06Mizuho Securities Adjusts Kinder Morgan's Price Target to $21 From $22, Reiterates Buy ..
MT
12/06KINDER MORGAN : Current Report (Form 8-K)
PU
12/06KINDER MORGAN, INC. : Regulation FD Disclosure (form 8-K)
AQ
12/02Palantir Technologies Says Kinder Morgan to Deploy its Data Integration Software
MT
12/02Palantir and Kinder Morgan Sign Multi-Year Agreement to Strengthen Pipeline Operations
BU
12/01Kinder sees blast-damaged part of Arizona natgas pipe down for months
RE
11/23Most Natural Gas-Fired Capacity Additions in Next 5 Years are Near Appalachia, Texas an..
MT
11/19US Gas Prices Rise Week Over Week Along with International Prices, EIA Reports
MT
More news
Analyst Recommendations on KINDER MORGAN, INC.
More recommendations
Financials (USD)
Sales 2021 15 808 M - -
Net income 2021 1 738 M - -
Net Debt 2021 31 843 M - -
P/E ratio 2021 20,6x
Yield 2021 6,65%
Capitalization 36 823 M 36 823 M -
EV / Sales 2021 4,34x
EV / Sales 2022 5,00x
Nbr of Employees 10 524
Free-Float 95,4%
Chart KINDER MORGAN, INC.
Duration : Period :
Kinder Morgan, Inc. Technical Analysis Chart | KMI | US49456B1017 | MarketScreener
Technical analysis trends KINDER MORGAN, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Last Close Price 16,24 $
Average target price 18,78 $
Spread / Average Target 15,7%
EPS Revisions
Managers and Directors
Steven J. Kean Chief Executive Officer & Director
Kimberly Allen Dang President & Director
David Patrick Michels Chief Financial Officer & Vice President
Richard D. Kinder Executive Chairman
Mark E. Huse Chief Information Officer & Vice President
Sector and Competitors
1st jan.Capi. (M$)
KINDER MORGAN, INC.18.80%36 823
ENBRIDGE INC.19.50%77 948
ENTERPRISE PRODUCTS PARTNERS L.P.7.71%46 043
TC ENERGY CORPORATION13.82%45 614
THE WILLIAMS COMPANIES, INC.37.86%33 583
MPLX LP36.54%30 147